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Bitcoin’s momentum is continuing to increase above $113,000 and traders are predicting a rise to $150,000.
BitcoinBTCThe () has reached an all-time record. above $113,788 On Thursday, several analysts expected the upward trend to continue. Markus Thielen, 10x Research’s head of research told Cointelegraph BTC is on the rise. 60% probability of rising more than 20% In the coming two months,
Kyle Reidhead, Milk Road’s co-founder, was even more positive. projecting a target of $150,000 BTC, in his posting on X.
BTC could continue its upward trend, but will a breakout at a new record high be a false alarm? We’ll find out by analyzing the charts.
BTC price prediction
Bitcoin surpassed the $110 530 resistance level on Wednesday, and reached a record-breaking $113 788 on Thursday. Bears, however, are likely to make a strong challenge at the neckline in the reverse head-and shoulders pattern, which is $113 800.
To complete the bullish set-up, buyers will need to push the price up above the neckline. This will open the way for an eventual rally towards the $150,000 pattern target.
It is likely that the sellers have plans of their own. Sellers will likely have other plans. They may succeed in bringing the BTC/USDT back to its moving averages.
It is expected that buyers will defend moving averages to the fullest extent possible because any break below the SMA ($106,774) of the past 50 days may speed up the sale. This will form a divergence negative on the relative-strength index (RSI), which signals a further correction up to $100,000.
Related: Bitcoin treasury companies acquire record 159,107 BTC in Q2
Bulls try to keep the price over the $110,530 breakout level. They could then challenge the resistance above at $112,000. It is important to keep an eye on this near-term support, as a break over $112,000 can propel the pair up to $116.571.
A break under $110,530 will signal weakness. It signals short-term investors taking their profits. They will try to reinforce their position in the future by pulling the price down below the SMA 50 days. The pair could fall to $107,000, then $105,000 if they succeed.
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Source: cointelegraph.com
